The Agriculture and Food Authority – Sugar Directorate is excited to share the latest July 2024 edition of our monthly newsletter. This edition is packed with detailed analyses comparing the industry’s performance from January to July 2023 and 2024, offering invaluable insights into both local and global sugar market trends.
This Month’s Key Highlights:
1. Local Sugar Market:
• Ex-factory Sugar Prices: Noticeable decrease to Ksh 5,325 per 50 kg bag, reflecting recent market adjustments.
• Wholesale Prices: Significant reduction to Ksh 5,545 per 50kg bag, indicating shifting market dynamics.
• Retail Prices: Continued downward trend with prices now averaging Ksh 142 per kilo.
2. Foreign Trade:
• Sugar Imports: Slight decrease in imports to 27,620 MT, showing minor fluctuations in foreign supply.
• CIF Values: Mombasa landed values for imported White Refined Sugar averaged Kshs 90,143/tonne, providing insights into the import cost dynamics.
3. Production and Sales:
• Sugarcane Milled: Increased to 926,379 MT, showcasing strong production capabilities.
• Sugar Production: Grew by 11% to 84,042 MT, driven by enhanced milling efficiency.
• Sugar Sales: Jumped by 35% to 83,121 MT, buoyed by strong market reception.
4. Molasses and Sugarcane Pricing:
• Molasses Production: Increased by 8% to 36,831 MT.
• Molasses Prices: Averaged Ksh 5,457 per tonne, slightly down from the previous month.
• Sugarcane Price: Stabilized at Ksh 5,125 per tonne, slightly up from May.
Overall Industry Outlook:
The sugar industry has seen substantial growth over the past year, with total production in the first seven months of 2024 up by 42% compared to last year. This growth is supported by an improved cane to sugar ratio and receptive market conditions that have facilitated both domestic sales and stock management.
To download this and previous summaries from the App, go to Resources -> Monthly Newsletters.